With CEO Bob Iger back at the helm, the new organizational structure of The Walt Disney Co. is taking shape, with 7,000 layoffs planned
Alan Bergman and Dana Walden will co-chair the Disney Entertainment division, with Jimmy Pitaro continuing to lead ESPN, and Josh D’Amaro continuing to lead parks and experiences.
On Disney’s earnings call, Iger likened the changes he will pursue as akin to the ones he made in 2005 when he first became CEO, and in 2016, when Disney announced a shift to streaming, looking to Fox’s entertainment assets to bolster its business, touting Fox’s library and management team as key assets.
“Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,” Iger said. “Our former structure severed that link and must be restored. Moving forward, our creative teams will determine what content we’re making, how it is distributed and monetized, and how it gets marketed.”
Disney plans to cut 7,000 jobs as part of its restructuring, which would represent a bit more than 3 percent of the company’s global workforce. However, with theme park staff making up a significant portion of Disney employees , the cuts are likely to be steeper in the entertainment and ESPN divisions.
Disney CFO Christine McCarthy also said that the company is targeting $5.5 billion in cost savings, including $3 billion related to future content savings, with the remaining $2.5 billion from other costs like marketing, staffing or technology.
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